E-business (electronic business) refers to the use of digital technology and the internet to execute a firm’s business procedures.It consists of internal business processes and processes for coordination with suppliers and others external entities.
E-commerce (electronic commerce) is the part of e-business dealing with the purchase and sale of goods and services over the internet, including with support activities for example marketing and customer support.
E-government refers to the application of internet and networking technologies to digitally permit government and public sector agencies’ relationships with citizens, business, and other governmental bodies.
Systems serving operational management are transaction processing systems (TPS), such as payroll or order processing, that track the flow of the daily routine transactions necessary to conduct business. Management information system (MIS) and decision support system (DSS) support the middle management. Most MIS reports condense information from TPS and are not highly analytical. Decision support system (DSS) support management decisions that are unique and rapidly changing advanced analytical models and data analysis capabilities. Executive support system(ESS) support senior management by providing data that are often in the form of graphs and charts delivered via portals using many sources of internal and external information.
A business process is a logically related set of activities that defines how specific business tasks are performed, and represents a unique way in which an organization coordinates work, information, and knowledge. Manager need to pay attention to business processes because they determine how well the organization can execute its business, and they may be source of strategic advantage. There are business processes definite to each of the major business functions but several business processes are cross functional. Information system automates parts of business processes and they can help organization redesign and streamline processes.
According to the Dr. Terry “if sciences teaches one to know, art teaches one to do.”
Some philosophers consider that management is neither science nor art but it is combination of both Science as well as Art.
Science teaches us to know while art teaches us to do. To be successful manger, people need the knowledge of management principles and also skills how the knowledge can be utilized also In order to be successful, managers have to know and do things with effectively and efficiently. Lack of either will result in inefficiency .This requires unique combination of both science and art of managing in them. It may be said that the art of managing begins where the science of managing stops.Since the science of managing is not perfect, the manager must turn to artistic managerial capability to perform a job satisfactorily.
Management like any other practice-whether engineering, accountancy, law or medicine is an art. Artistic application of management know how is clear. It is understood that managing is doing things artistically in the light of the realities of a condition. But modern manager can do better by using the knowledge, methods, theories, concepts, etc. of managing at his/her work place. As a matter of fact, this knowledge, concepts, methods, theories related to managing can be treated as science.
Thus it may be said that managing in practice is definitely an art but the body of knowledge, principles , methods, etc. underlying the practice is science. Even some people might opine that managing is an art struggling to become a science. As a matter of fact, the art and science of managing are not so much conflicting as complementary.
The term entrepreneur has been defined in different ways by many authors. Following are some of such definitions:
The Shorter Oxford Dictionary, 1989.
“Person who starts or organizes a commercial enterprise, especially one involving financial risk.”
American Heritage Dictionary:
“A person, who organizes, operates and assumes the risk for business venture.”
The New Encyclopedia Britannica:
“As the individual who bears the risk of operating a business in the face of uncertainty about future conditions and who is rewarded according by his profit or losses.”
“Who assume the risk of bringing together the means of production including capital, labor and materials and receives his reward in profit from the market value of his product.”
“Entrepreneur is a person who shifts economic resources out of an area of lower and into an area of higher productivity and yield.”
Skinner S J and Ivancevich J M:
“A person who takes the risks necessary to organize and manage a business and receives the financial profits and nonmonetary rewards.”
Nicholas C Siropolis:
Entrepreneur is a person who organizes, operates and assumes the risk of his or her own venture, as men and woman who create a venture from the raw materials of their own ideas and hard work.”
Steinhoff D and BurgessJF:
“Entrepreneur is a person who organizes, run and takes the risks of small business.”